Moody’s assigns Infoblox loans B2, Caa2

Moody's Ratings said it assigned Delta Topco, Inc.’s (Infoblox) planned senior secured first-lien term loan, comprised of a new $1.255 billion term loan B due 2029 and a $435 million fungible incremental term loan B due 2029, a B2 rating and a Caa2 rating to its proposed $455 million senior secured second-lien term loan due 2030.

Concurrently, the agency said it affirmed Infloblox’s B3 senior secured first-lien bank credit facility, Caa2 rating on its senior secured second-lien bank credit facility, B3 corporate family rating and B3-PD probability of default rating.

Infloblox will use the proceeds and $10 million of balance sheet cash to make about $454 million distribution to shareholders, repay the existing credit facilities, including the $1.29 billion senior secured first-lien term loan with about $1.255 billion outstanding, and the $455 million senior secured second-lien term loan, and cover about $10 million in fees and expenses. The ratings on the existing senior secured bank credit facilities will be withdrawn at transaction close.

The outlook remains stable.

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